Pedestrians walk past a GameStop store on 14th Street in Union Square, Thursday, Jan. 28, 2021, in the Manhattan borough of New York.
John Minchillo | PA
GameStop is adding NFT trading cards for virtual game Gods Unchained as a member benefit of its loyalty program as the former retailer strives to deepen its reach in the crypto-centric web.
The partnership marks GameStop’s latest endeavor with cryptocurrency and non-fungible tokens, which are unique digital assets, as the struggling retailer strives to transform its business. In July, the company launched an NFT marketplace. In September, it announced a partnership with cryptocurrency exchange FTX.
GameStop’s pivot in the digital world is at the heart of the transformation project under new CEO Matt Furlong and Chairman Ryan Cohen, founder of Chewy and former activist investor at Bed Bath & Beyond. Cohen has been a muse to many meme stock investors, who took GameStop shares from a few dollars to a high of over $80 in early 2021.
GameStop is still reporting mounting losses, but Furlong has doubled down on the pivot, investing more in digital ventures.
Gods Unchained is a digital collectible card game built on the Ethereum blockchain that allows players to own, trade, and sell their in-game assets. It was created by Chris Clay, who previously ran the digital iteration of Magic: The Gathering. According to the game’s website, gamers spent $74 billion on in-game purchases in 2020.
The Gods Unchained partnership is tied to GameStop’s other businesses in the crypto and NFT space. With NFT Trading Cards, players can purchase the in-game currency, $GODS, from the FTX platform, purchase additional Trading Cards from the GameStop NFT Marketplace, and keep the assets in their GameStop Wallet.
Members of GameStop’s “PowerUp Rewards Pro” loyalty program pay $14.99 per year for perks like monthly gift cards, cashback, and exclusive builds. Those who are already members on September 27 will receive a code on that date which they can redeem for NFT Trading Cards.